Stores The Application Of A Weak Rupee

iGate Patni (up 4.09%), HCL Technologies (up 2.80%), Rolta India (up 2.53%), Tech Mahindra (up 2.48%), Oracle Financial Services Software (up 1.81%), MphasiS (up 0.99%) and Mahindra Satyam (up 0.22%), edged higher. India’s third largest software services exporter Wipro rose 1.73%.

The second largest of India’s software services exporter Infosys rose 2.51% on reports the company is in talks to acquire U.S. technology based information in a case that could be worth $ 500 million to $ 750 million. Infosys Co-Chief Executive S. Gopalakrishnan, September 8, 2011 said customers are not likely to cut their technology budgets in 2011, but can finish the cut for next year. He also warned that customers can keep the cost estimates for this year. Infosys had previously said he has seen delays in decision making by clients.

The largest exporter of software services in India, TCS gained 3.17%. TCS said Wednesday, September 13, 2011, demand for outsourcing services technology is still good, despite the economic uncertainty in Europe remain the biggest concern for most technology. TCS is cautiously optimistic about the demand for outsourcing services as customers remain cautious about spending in an environment of economic uncertainty, S. Ramadorai, vice president, said in an interview with the media. Ramadorai comments come amid fears of a slowdown in technology companies in India amid debt crisis under way in Europe and a slowdown in the U.S. – The two main markets for outsourcing.

BSE IT index was up 2.54% 4,910.25. The Sensex index has passed, which rose to 1.39% to 16,731.45.

BSE, the index fell by 5.48% in the two previous sessions of 4788.48 September 12, 2011, from a recent high of 5065.96, 8 September 2011. BSE, it was less than the market index over the past one month, until 12 September 2011, falling 4.32% from 2.01% increase in the Sensex. The index also underperformed the market in the last quarter, sliding 21.42% as against 9.67% in Sensex fall.

A weak rupee has helped today’s rebound in IT stocks. The Indian rupee posted its most single day decline of more than 15 months, Monday, September 12, 2011, which raised fears of a lack of probable Greek debt triggered a flight to safe haven dollar, while falling of July, the local industrial production data also weighed. The partially convertible rupee ended at 47.22/23 a dollar, 1.5% lower on the day to log its biggest single-day drop since June 1, 2010 after touching a low of 47.23, a level not seen since July 22, 2010. A weak rupee increases the revenue of IT companies in the sector rupees take the lion’s share of revenue from exports NRI Pan Card.

National Association of Software and Services Companies, or Nasscom, the main body of the software industry 23 August 2011 confirmed the assessment of the recording industry, 16% -18% growth in export revenues this year financially. Nasscom had predicted in February 2011 for the export industry has $ 68 billion, $ 70 billion for the fiscal year, which began on 1 April 2011. Nasscom has reiterated its estimate of growth in export earnings this year, despite fears about the economy the most important problems of the outsourcing market. In the United States and Europe NRI demat account.


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